LPS: Delinquency Rate Drops 3% in February

The national loan delinquency rate fell in February from the prior month by 3.16%, according to the latest data from Lender Processing Services.

With this most recent drop in the number of loans 30 or more days past due, but not in foreclosure, Lender Processing Services said in its “first look” report that the U.S. loan delinquency now stands at 6.80%. This is 6.51% less than the same time period a year ago.

The Jacksonville, Fla.-based analytic firm derives this rate from its loan-level database representing approximately 70% of the overall market.

Through February, the total foreclosure presale inventory rate is 3.38%, a month-over-month decline of 0.98%. On an annual basis, the foreclosure inventory level is down 19.58%.

LPS said over 3.4 million housing units are delinquent, but not in foreclosure—meaning they are 30 days past due. Meanwhile, more than 1.4 million properties are seriously delinquent and the loans have not been paid in at least 90 days.

Florida, New Jersey, Mississippi, Nevada and New York had the highest percentage of noncurrent loans. Conversely, Montana, Alaska, Wyoming, North Dakota and South Dakota had the lowest level of delinquent loans, LPS noted in its report.